Interest Coverage Amount The amount to be paid by the Depositor to the Trustee for deposit into the Interest Coverage Account on the Closing Date pursuant to Section 4.08, which amount is $_. VRR Interest Balance the Certificate Balance of the Class RR Certificates and/or the RR Interest Balance of the RR Interest, as applicable. Spread Value means, with respect to a share of Stock subject to an Award, an amount equal to the excess of the Fair Market Value, on the date such value is determined, over the Award’s exercise or grant price, if any. RI Value means, in respect of a Reference Item and a ST Valuation Date, (i) the RI Closing Value for such Reference Item in respect of such ST Valuation Date, divided by (ii) the relevant RI Initial Value (expressed as a percentage).Īverage Contract Value means the higher of (inclusive of carbon tax but exclusive of goods and services tax) the (i) average of the total amount payable by the Consumer to the Retailer based on the average electricity consumption of three (3) months (before the date of termination) or (ii) the total amount payable by the Consumer to the Retailer based on the Declared Monthly Consumption. Monthly Valuation Date means, for each Monthly Reset Date, the last Trading Day of the previous calendar month beginning on and ending on April 30, 2042, subject to adjustment as provided under Section 3 hereof.Įarly Valuation Date means the fifth Reference Business Day prior to the Early Redemption Date. Salvage value means the amount received for property retired, less any expenses incurred in connection with the sale or in preparing the property for sale, or, if retained, the amount at which the material recoverable is chargeable to materials and supplies, or other appropriate account. The Annuity Date is the date the Annuitized Value is applied to an annuity option.
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If You surrender the Annuitized Value applied to this Annuity Payment option, Annuity Payments will cease and the Certificate will terminate. If the Director’s service with the Association is voluntarily or involuntarily terminated prior to the attainment of his Benefit Eligibility Date, for any reason other than for Cause, the Director’s death, disability, or following a Change in Control (as defined), the Director (or his Beneficiary) shall be entitled to the Annuitized Value of his Accrued Benefit, as set forth in the Executive’s Joinder Agreement.
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The initial monthly annuity payment purchased by each $1,000 of Annuitized Value depends on the annuity option selected. Within each Subaccount, the number of Variable Annuity Units is determined by dividing: - the amount of the first payment from that Subaccount by - the value of a Variable Annuity Unit in the appropriate Subaccount on the Valuation Date coincident with the date that the Annuitized Value was applied toward the variable annuity option(s).Īn annual benefit equal to 75% of Final Compensation at retirement, less 50% of the Social Security Benefit and the Single Life Annuitized Value of the Executive's account balances derived from employer provided contributions under all qualified and non-qualified defined contribution plans maintained by the Bank. Within each Subaccount, the number of Variable Annuity Units is determined by dividing: o the amount of the first payment from that Subaccount by o the value of a Variable Annuity Unit in the appropriate Subaccount on the Valuation Date coincident with the date that the Annuitized Value was applied toward the variable annuity option(s). Taxes Any premium taxes relating to this contract may be deducted from the premium or deducted from Your Annuitized Value, when applicable.Īfter the Annuity Date, You may change this annuity option, withdraw a portion of the Annuitized Value or surrender this option. The Annuitized Value applied to purchase variable annuity payments will be allocated to the Subaccount(s) as You instruct.
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Examples of Annuitized Value in a sentence